Do you know?
What will be produced
How will they be produced
Who will consume
True
A building where people's money is kept
What is a bank?
Who makes the decisions for the economy in a traditional economy
Who runs a command economy?
Government
Who is in control in a market economy?
Producers and consumers
Who is the leader of Russia
Vladimir Putin
The most common European Economy
Mixed
T or F: Traditional economies no longer exist in the world today
False there are still some tribes that practice a traditional economy
What type of government is common with a command economy
communist/ socialist
Explain a producer and consumer
Seller and Buyer
A country allows businesses to set prices and compete with one another. However, the government creates laws to protect workers and consumers. What type of economy is this?
A. Traditional
B. Mixed
C. Command
D. Barter
B
Mixed
Explain Bartering
Trading goods without money
What countries practice a command economy?
Cuba and North Korea
past: Soviet Union, East Germany
In a market economy who sets the prices of goods being sold?
Producer
Explain a mixed economy
part gov owened and part citizens own
Exchanging goods and services without using money
Bartering?
T or F: A traditional economy could work for large societies
False
What is one drawback of a command economy
Low personal freedom and fewer choices
Explain a drawback of a market economy
Low regulations and could be unsafe
True or False Demand is what consumers want
true
An economic continuum explains how mixed an economy is. Where does Russia fall on the continuum
In the middle about 50/50
Trade
A country has a command economy. The government decides how much food, clothing, and technology will be produced. Recently, the government notices that people are buying more computers but fewer televisions. What would most likely happen in this economy?
A. Businesses would decide on their own to produce more computers.
B. Consumers would vote on which products should be produced.
C. The government would decide to increase computer production and decrease television production.
D. Businesses would compete with each other to lower computer prices.
C
A country has a market economy. Recently, more people have started buying bicycles because they want to exercise and save money on transportation.
What would most likely happen in this economy?
A. The government would order factories to make more bicycles.
B. Businesses would likely produce more bicycles to meet the increased demand.
C. The government would decide how many bicycles each person could buy.
D. Workers would be assigned jobs making bicycles by the government.
B